Retail

Planet Fitness Opens Two New Detroit Area Locations

by Jeff Shaw June 15, 2015

NORTHVILLE, MICH. — PF Michigan Group, a Michigan-based Planet Fitness area developer owned and operated by Bryan and Laura Rief, has opened two new 30,000-square-foot Planet Fitness clubs located at 8260 23 Mile Road in Shelby Township and 6650 Telegraph Road in Bloomfield Township near Detroit. The franchisee of both locations is based in Northville. “These full-size clubs showcase our massive selection of top-of-the-line cardio and strength equipment, 30-minute workout area and PF Spa,” says Laura Rief. Both new clubs will feature over 120 pieces of high-quality cardio equipment including treadmills, ellipticals, stairclimbers, arc trainers and stationary bikes. Planet Fitness also offers a full complement of upper- and lower-body strength machines, a 30-minute PF Express circuit, 12-minute abdominal circuit, and new PF360 multi-function training unit. Planet Fitness is open and fully staffed 24 hours, seven days a week, and has a certified fitness trainer on site during the work week to help members with workout programs free of additional charge. Planet Fitness plans to open 10 to 15 additional properties in the Detroit area over the next 36 to 48 months. Most recently, PF inked a lease for a 35,000-square-foot club located in Chesterfield that will open this fall. Founded …

June 15, 2015

California Retail Western

Orchard Supply Hardware Near Ventura Sells for $16.7M

by Nellie Day June 15, 2015

VENTURA, CALIF. – A 43,138-square-foot building in Thousand Oaks that is triple-net leased to Orchard Supply Hardware has sold to Oppidan Investment Company for $16.7 million. The building is located at 1934 E. Avenida de Los Arboles. Christopher Maling, David Maling and Stephen Algermissen of Colliers represented both the buyer and seller, a local private investment firm, in this transaction.

June 15, 2015

Midwest Ohio Retail

Marcus & Millichap Brokers $3.9M Sale of Ohio Retail Center

by Amy Works June 12, 2015

STRONGSVILLE, OHIO — Marcus & Millichap has brokered the sale of Strongsville Shopping Center, a 30,750-square-foot retail property in Strongsville, a suburb of Cleveland. The asset, which is anchored by Tutor Time, sold for $3.9 million. Scott Wiles, Craig Fuller and Erin Patton of Marcus & Millichap represented the seller, a Florida- and Ohio-based joint venture, in the transaction.

June 12, 2015

Indiana Midwest Retail

Baum Realty Group Arranges $2.4M Sale of Retail Property in Indiana

by Amy Works June 12, 2015

LAFAYETTE, IND. — Chicago-based Baum Realty Group has arranged the sale of a single-tenant, net-leased Goodrich Quality Theaters property. Located at 3525 McCarty Lane in Lafayette, the property sold for $2.4 million. The 18,000-square-foot property has three years remaining on the original 20-year lease with two five-year extension options. Goodrich Quality Theaters is a Michigan-based operator with 30 theater locations across four states. Brad Teitelbaum and Patrick Forkin of Baum represented the undisclosed seller in the transaction. The buyer was a Michigan-based private investor.

June 12, 2015

Michigan Midwest Retail

Signature Associates Brokers Sale of 71,900 SF Self-Storage Facility in Michigan

by Amy Works June 12, 2015

LANSING, MICH. — Signature Associates, an independently owned and operated member of the Cushman & Wakefield Alliance, has brokered the sale of a self-storage facility, located at 4724 Creyts Road in Lansing. Storage Pros Acquisitions purchased the 71,900-square-foot property for an undisclosed price. Jack Johns of Cushman & Wakefield | Signature Associates represented the seller, Westland Storage LLC, in the transaction.

June 12, 2015

Alabama Retail Southeast

Colliers Brokers $10.9M Sale of Power Retail Center in Alabama

by John Nelson June 12, 2015

DECATUR, ALA. — Colliers International’s Southeast retail investment sales team has brokered the $10.9 million sale of The Market Shoppes, a power retail center located at 2407 6th Ave. in Decatur. Built in 2012, the Class A center was fully leased at the time of sale to tenants such as Kohl’s, Ulta Beauty, Lane Bryant and Mattress Firm. A family trust based in California purchased The Market Shoppes from Birmingham-based Blackwater Resources. Tony D’Ambrosio and Joe Montgomery of Colliers represented the seller in the transaction.

June 12, 2015

Massachusetts Northeast Retail

Linear Retail Properties Buys Three-Property Retail Portfolio for $57.5M in Massachusetts

by Amy Works June 12, 2015

NORTH ANDOVER AND WALTHAM, MASS. — Burlington, Mass.-based Linear Retail Properties has acquired a three-property retail portfolio, totaling 124,093 square feet, in Massachusetts for $57.5 million. The portfolio includes Eaglewood Shops at 175 Turnpike St. in North Andover, Main Street Marketplace at 1030 Main St. in Waltham and 1036 Main St. in Waltham. Acquired for $34.2 million, the 77,558-square-foot Eaglewood Shops is fully leased to Burtons Grill, Staples, Pier 1 Imports, Jos. A. Bank and Chipotle. The 44,461-square-foot Main Street Marketplace is fully leased and sold for $22.4 million. The adjacent 2,074-square-foot property, 1036 Main Street, was purchased for $850,000. The seller was Ross Hamlin.

June 12, 2015

New Jersey Northeast Retail

Vision Real Estate Partners Acquires New Jersey Retail Center

by Amy Works June 12, 2015

SADDLE BROOK, N.J. — Vision Real Estate Partners has acquired a two-building neighborhood shopping center at 55-75 Mayhill St. in Saddle Brook. Situated on 12 acres, the center is anchored by a 62,000-square-foot A&P supermarket. The site is also approved for an additional 12,000 square feet of retail space. Constructed between 1998 and 2000, the 119,000-square-foot property offers 800 parking spaces and 45,000 square feet of near-term availability. Jose Cruz, Kevin O’Hearn and Robert Borny of HFF represented the undisclosed seller in the transaction. Jon Mikula and Jim Cadranell, also of HFF, secured acquisition financing for the buyer through Oritani Bank.

June 12, 2015

Arizona Retail Western

YAM Properties Acquires Village at Shea Retail Center for $32.5M

by Nellie Day June 12, 2015

PHOENIX — East Village at Shea LLC, a company formed by YAM Properties LLC, has purchased Village at Shea, a 117,025-square-foot retail center located in Scottsdale, for $32.5 million. Michael Hackett and Ryan Schubert, executive managing directors at DTZ, brokered the sale on behalf of the seller, Karlin Scottsdale Shea LLC. Village at Shea, anchored by Harkins Shea 14 Theatre, was 85 percent leased at the time of sale.

June 12, 2015

Retail Texas

M&M Arranges Sale of 51,425 SF Retail Property in South Padre Island

by Haisten Willis June 11, 2015

SOUTH PADRE ISLAND, TEXAS — Marcus & Millichap has arranged the sale of Plaza 410, a 51,425-square-foot retail property located in South Padre Island. Philip Levy of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a partnership. Levy also represented the buyer, a private investor. Plaza 410 is located at 410 Padre Blvd. and is 74 percent leased to tenants including Tuesday Morning, Spec’s Family Partners, Tate’s Clothiers, Sisters Trading Co., Jong Mi Park, Subway, Coast to Coast Beachwear and SPI Fellowship Group. The building was constructed in 1985 and sits on a 2.7-acre lot.

June 11, 2015

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